UltraTech acquires grinding assets of Burnpur Cement for Rs 169.79 cr

Aditya Birla group firm UltraTech Cement Ltd on Wednesday said it has acquired the cement grinding assets of Burnpur Cement Ltd in Jharkhand for Rs 169.79 crore.

The company has acquired 0.54 mtpa cement grinding assets of Burnpur Cement Ltd, located at Patratu in Jharkhand, UltraTech Cement said in a regulatory filing.

"The acquisition has been carried out at a consideration of Rs 169.79 crore in terms of the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with the Security Interest (Enforcement) Rules, 2002," it added.

This investment marks the company's entry in Jharkhand, the filing said, adding the company's capacity in India now stands at 133 mtpa.

Last year state-owned Punjab National Bank (PNB) had put up for sale the account of loss-making Burnpur Cement and invited bids from Asset Reconstruction Companies (ARCs) to recover loans outstanding of over Rs 50 crore.